As I take a look at the Bitcoin 1 Day Chart today, it's very clear that the massive wedge is starting to run out of room. BTC has been increasingly tightening its range trading within the upper and lower boundaries for many many months and something is going to happen soon. VERY SOON! For the first time after basically touching the down slope of the wedge Bitcoin has help up and has yet to retreat back down to the test the bottom which would lead to a potentially nasty breakdown in the markets. He have yet to make a higher high but have been putting in putting in higher lows, a point that I will take for the time being. BTC is also holding up above its VWMA ( Volume Weighted Moving Average ) another thing that I personally like to see. With all the uncertainty out there, Im leaning to a bullish break out from this long term consolidation in Q4 and potentially the start of a new Bull Market in the coming weeks and months ahead.
If I had to stake a personal long term position in the markets I would be a bull with a tight stop at the lows in the 5800's and with a long term profit target around $11,700. Yes, this is a bit lofty and out of line with some previous work but the market dynamics im seeing froma fundamental level are telling me that this is possible and that sentiment will shift along with the technical picture of the market.
After years of trading I'm finally going to be sharing my thoughts and analysis of the markets on a daily basis.
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Comments and Discussion are always welcome as the views of the many trump the opinions of the few.
This is my own personal analysis and I do not give financial advice.
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Hello All,
Just to be CRYSTAL CLEAR
I meant to drag my trade box out a few months this is not a short term position that I'm looking for here this is a medium term Swing!